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    lenguyenvietbach2004
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    Midtown Repair Company generated $188,300 in total revenues from repair services and interest. Total expenses were $173,200, resulting in net income of $15,100. Owner C. Trout withdrew $30,000, leaving capital of $148,500. The balance sheet shows total assets of $278,600, total liabilities of $115,000, and owner's equity of $163,600.

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    cascascas

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    Book1

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    Midtown Repair Company generated $188,300 in total revenues from repair services and interest. Total expenses were $173,200, resulting in net income of $15,100. Owner C. Trout withdrew $30,000, leaving capital of $148,500. The balance sheet shows total assets of $278,600, total liabilities of $115,000, and owner's equity of $163,600.

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    4 views7 pages

    Book 1

    Uploaded by

    lenguyenvietbach2004
    Midtown Repair Company generated $188,300 in total revenues from repair services and interest. Total expenses were $173,200, resulting in net income of $15,100. Owner C. Trout withdrew $30,000, leaving capital of $148,500. The balance sheet shows total assets of $278,600, total liabilities of $115,000, and owner's equity of $163,600.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
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    of 7

    Adjusted trial Balance sheet and statement of

    balance Income statement owner's equity


    Debit Credit Debit Credit Debit Credit
    Cash 95600 95600

    Notes
    receivable 50000 50000

    Prepaid
    insurance 16000 16000
    Prepaid
    rent 4000 4000
    Equipmen
    t 170000 170000

    Accumula
    ted
    depreciati
    on--
    Equipmen
    t 57000 57000
    Accounts
    payable 52000 52000

    Long-term
    notes
    payable 63000 63000
    C. Trout,
    Capital 178500 178500
    C. Trout,
    Withdraw
    als 30000 30000
    Repair
    services
    revenue 180800 180800
    Interest
    revenue 7500 7500

    Depreciati
    on
    expense--
    Equipmen
    t 28500 28500
    Wages
    expense 85000 85000
    Rent
    expense 48000 48000

    Insurance
    expense 6000 6000
    Interest
    expense 5700 5700
    Total 538800 538800 173200 188300 365600 350500
    Midtown Repair Company
    Income statement
    Revenues 180800
    7500

    Total
    revenues 188300
    Expenses 85000
    28500
    48000
    6000
    5700

    Total
    expenses 173200 0
    Net
    income 15100
    Midtown Repair Company CLOSE REVENUE ACCOUNT
    Statement of owner's equity Dr Cr
    C. Trout, Capital, Dec 31, 2010 Dec 31 Repair services revenue 180800
    Add:Net in 15100 Interest revenue 7500
    Investment 178500 Income summary 188300
    193600
    Less:Withdrawal by o 30000 CLOSE EXPENSE ACCOUNT
    C. Trout, Capital, Dec 163600 Dr Cr
    Dec 31 Income summary 173200
    Depreciation expense 28500
    Wages expense 85000
    Rent expense 48000
    Insurance expense 6000
    Interest expense 5700

    CLOSE WITHDRAWS ACCOUNT


    Dr Cr
    Dec 31 C. Trout, Capital 30000
    C. Trout, Withdrawals 30000

    CLOSE INCOME SUMMARY TO OWNER'S CAPITAL


    Dr Cr
    Dec 31 Income summary 15100
    Retained earnings 15100
    CLOSE REVENUE TO INCOME SUMMARY
    Income summary Repair services revenue
    188300 180800 180800
    -
    Interest revenue
    7500 7500
    -

    CLOSE INCOME SUMMARY TO OWNER'S CAPITAL


    Retained earnings Income summary
    0 173200 188300
    15100 15100
    193600 -

    CLOSE WITHDRAWALS TO OWNER'S CAPITAL


    C. Trout, Capital C. Trout, Withdrawals
    30000 178500 30000 30000
    148500 -
    Midtown Repair Company
    Balance Sheet
    Assets
    Cash 95600

    Notes receivable 50000

    Prepaid insurance 16000

    Prepaid rent 4000

    Equipment 170000
    Less: Accumulated depreciation--Equipment -57000 113000

    Total assets 278600


    Liabilities
    Accounts payable 52000

    Long-term notes payable 63000

    Total liabilities 115000

    Equity
    C. Trout, Capital 148500
    Retained earnings 15100

    Total liabilities and equity 278600


    x`

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